The satellite TV and streaming service provider surprised Wall Street by adding thousands of subscribers in the latest quarter. Fred Katayama reports.
Prettier picture at Dish Networks. The satellite TV provider swung to a quarterly profit from a loss, and surprise: it actually added subscribers. 28,000 customers signed up for its satellite TV and Sling TV streaming services. Analysts had been expecting it to lose tens of thousands of subscribers. Dish launched Sling TV as a low-priced service with a slim bundle of channels in 2015. It aimed to lure the so-called "cord cutters," customers who ditch cable and satellite TV for cheaper video streaming services such as Netflix and Amazon Prime Video. Separately, Dish has invested billions of dollars to acquire spectrum, wireless airwaves it has stockpiled over the years. J.P. Morgan senior analyst Philip Cusick said, "We remain bullish on Dish's spectrum assets and potential M&A following the close of the broadcast incentive auction. We believe that the majority of Dish's value lies in its spectrum." Shares of Dish adding to their nearly ten percent gain this year at the start of trading.